Quickest way to clear Mortgage?

Lippycow

I have a small mortgage of 19,000 can anyone tell me what the quickest way to clear my mortgage would be..

Trying_to_be_good

I don't really understand the question - the quickest way to clear the mortgage is to pay it off!

Does your current deal allow overpayments? Is there an early repayment charge? Woudld you receive more interest by putting extra money into a cash ISA rather than saving interest on your mortgage?

missk_ensington

You could sell up and move to a house £19,000 cheaper than the one your in now and thus cleaer your mortgage, but other than overpaying it, it wont just vanish overnight!

one2escape

Sell your body to science

Lippycow

one2escape wrote: »

Sell your body to science

No- body wants it lol

autocasher

Lippycow wrote: »

I have a small mortgage of 19,000 can anyone tell me what the quickest way to clear my mortgage would be..

Yes, just take 19k to your lender and ask them to clear the mortgage for you - that should work :rotfl:

Moneygoes2money

Some not very helpful threads here, you might frighten lippycow away!

Lippycow - can you afford to overpay on a monthly basis?

If so, you need to find out whether your lender will allow you to make monthly overpayments without penalty. Either phone your lender or look in your mortgage offer document.

Alternatively, if your lender will not allow monthly overpayments without penalty, you could ask them to reduce the term of the mortgage (this only works if you have a repayment mortgage though and not interest only) by, say, one year. Make sure there is no charge for doing this. Your monthly payment will increase, which will clear your mortgage quicker.

Capricorn_One

Lippycow wrote: »

I have a small mortgage of 19,000 can anyone tell me what the quickest way to clear my mortgage would be..

http://new.egg.com/visitor/0,2388,3_54988--View_1028,00.html

Just overpay what you can each month.